The Current State of Cyber Security (And ARC’s Predictions for the Future)

We take a comprehensive look at the threats and concerns associated with cyber security today

2018 was an eventful year for cyber security. Major brands like Under Armour, Ticketfly, Uber, and British Airways were all victims of cyber attacks that exposed sensitive client data, and posed a serious risk to overall business operations. But large corporations aren’t the only ones who are susceptible. One out of every five Canadian businesses experienced some form of cyber security issue in 2018. And when you consider how prevalent cyber attacks are becoming, it becomes easier to understand why businesses are now investing more than ever before in cyber crime prevention strategies.

For example: Did you know that the average user receives 16 malicious spam emails per month? Or that there was a 88 percent increase in new malware programs from 2016 to 2017? Security trends like these prove that there is a valid reason for concern, and emphasize the importance of making cyber security a top priority— especially for businesses and other organizations. But what can business owners do with this information? And what cyber security predictions for the future should they be paying attention to?

Well, to start, it’s essential that business owners and organizational leaders understand that cyber attacks are only becoming more sophisticated and difficult to detect. Thus, the time to invest in cutting-edge cyber crime prevention strategies is now— not later. Speaking to a professional and reputable managed services provider is always a smart place to start, since they come armed with years of industry experience, knowledge of the most powerful and insightful crime prevention tools, and the hands-on skills required to address issues in a timely manner. But as for what to expect from the future— that’s where things get a little more complicated.

Since cyber criminals are continuously fine-tuning their craft, releasing increasingly dangerous versions of malware, it’s impossible to know exactly what’s to come. With that being said, there are some data-backed predictions that can provide a general idea of future cyber security threats and their potential impact.

Here Are ARC’s Top 3 Cyber Security Predictions for 2019:

1. Multi-Factor Identification Will Become A Must

Unfortunately, due to the advancement of malicious software, the traditional username and password no longer provide the level of security most business owners want to maintain. Even the most complicated of passwords can be hacked.

Thus, it is highly likely that multi-factor identification will become a standard. Whether it’s being asked to enter a PIN (as well as a password), or having employees scan their finger using their mobile device, there are many forms of multi-factor identification that businesses can use. And since 81 percent of hacking-related breaches are successful because of stolen and/or weak passwords, this is an excellent way to reduce the likelihood of becoming the victim of a cyber attack.

2. Payouts Could Result In A Ransom Ban

It has become increasingly popular for businesses who have experienced a cyber attack to financially compensate online criminals in exchange for the safe return of their data and systems. Unfortunately, however, paying cyber criminals rarely benefits anyone other than the victim. More often than not, the online criminal will simply re-invest the money they receive from a ransom, using it to improve their malicious software and better target their next victim. Additionally, paying a ransom doesn’t guarantee that the attacker won’t strike again.

For these reasons, governments are seriously considering placing a ban on ransom payments associated with cyber crimes, as a means of preventing extortion. Thus, it’s more important than ever for businesses to educate themselves on detection and prevention, and have solid response strategies in place.

3. The Rise Of Measurable Managed Services

As cyber security becomes a fundamental part of operating a business, more and more entrepreneurs are turning to qualified professionals for protection. But they don’t simply want someone to rely on— they want proof that the services they are paying for are delivering results. Thus, managed services providers must be prepared to meet the desired outcomes of their clients, and to be accountable for those outcomes throughout the working relationship. By taking this approach, businesses are able to more closely monitor their IT spend, as well as identify opportunities for improvement. Plus, it comes with additional peace of mind, since key metrics can be used to better inform team members when IT-related decisions must be made.